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Message: TNR JV partner Cricket (CKC:TSXV) sample 3.6 m of 1.27% Li2O at Forgan

Cricket, TNR sample 3.6 m of 1.27% Li2O at Forgan Lake

2011-01-17 17:32 ET - News Release

See News Release (C-CKC) Cricket Resources Inc

Mr. Sonny Chew of Cricket reports

FORGAN LAKE PROGRAM CONFIRMS HISTORICAL RESULTS AND IDENTIFIES NEW TARGETS

Cricket Resources Inc. has received final results of the 2010 exploration program on the Forgan Lake rare metals property in Northwestern Ontario. Cricket is the operator of the Forgan Lake joint venture on which it has an option to acquire an undivided 60-per-cent interest in the property from TNR Gold Corp. An exploration program implementing phase I recommendations of the 2010 Forgan Lake property NI 43-101 technical report was conducted during September, 2010.

Key highlights:

  • 106 channel and grab samples collected from pegmatites;
  • Significant values were found in five of the six known pegmatite bodies;
  • 754 soil samples collected on 23.3 kilometres of grid;
  • Anomalous patterns of berylium, cesium, lithium, tantalum and tin were identified in soils;
  • Some of the soil anomalies appear to derive from previously unknown targets.

Analytical results of rock samples were considered significant when Li2O was greater than 0.5 per cent, Ta2O5 was greater than 100 parts per million or Rb2O was greater than 500 parts per million. Values lower than these may be geochemically anomalous. The attached table lists significant composite channel samples (62 channel samples were collected from pegmatites 1, 3, 5 and 6).

                           ROCK SAMPLE RESULTS

Samples        Width (m)    Li2O (wt%)    Ta2O5 (ppm)   Rb2O (ppm)  Region


E462563, 64       2.00        0.01            11.7        995.2     Pegmatite 5
E462590 to 93     3.80        0.81            40.2        743.1     Pegmatite 1
E462594 to 97     2.80        0.92           311.9        852.6     Pegmatite 1
E462598 to 00     3.30        1.36            50.0        615.1     Pegmatite 1
E462601 to 03     1.70        1.01            65.6        524.9     Pegmatite 1
E462605 to 08     3.60        1.27            61.2        669.3     Pegmatite 1
E462609 to 11     2.20        1.54            59.6        583.0     Pegmatite 1
E462613, 14       2.30        1.46            87.5       1252.2     Pegmatite 1
E462616 to 18     3.25        1.39            57.6        644.6     Pegmatite 3

A total of 44 grab samples were also collected from all known pegmatites. Significant results are presented in an attached table.

                         GRAB SAMPLE RESULTS

Sample No.       Li2O (wt%)    Ta2O5 (ppm)    Rb2O (ppm)   Region

E462509             0.00         110.50         262.66     Pegmatite 5
E462518             0.01           0.45        1241.87     Pegmatite 6
E462524             0.01         167.89         505.54     Pegmatite 5
E462526             0.00         136.14          11.32     Pegmatite 5
E462540             0.95          24.54         429.71     Pegmatite 1
E462541             1.49          15.93         343.99     Pegmatite 1
E462548             2.05          31.50         284.64     Pegmatite 1
E462549             0.91          32.97         438.50     Pegmatite 1
E462624             0.31          15.02        1307.81     Pegmatite 4
E462625             1.64          14.96         397.84     Pegmatite 4

Sonny Chew, president of Cricket Resources, notes: "The main objective of this exploration program was to identify and delineate rare metal targets for a follow-up drill program. Not only was the 2010 program successful in confirming targets and recommend drilling, but also we were encouraged to find evidence of previously unknown pegmatites on the property."

Forgan Lake property

The Forgan Lake property, which comprised one 256-hectare claim block (16 units), is located 125 kilometres northeast of Thunder Bay, Ont. The property, host to six known rare metal pegmatites, is part of the Georgia Lake pegmatite field (GPF), an area of considerable lithium and other rare metals exploration since its discovery in the mid-1950s. Of the six previously identified pegmatites, four known as the No. 1, No. 2, No. 3 and No. 4 pegmatites, were explored on surface and subsequently drilled in 1955 by Lun-Echo. Channel sample results reported by Lun-Echo include 2.57 per cent Li2O over 6.4 metres, 4.23 per cent Li2O over 7.5 metres and 1.98 per cent Li2O over 7.6 metres from the No. 1 pegmatite. Channel samples collected during the TNR's 2009 exploration work on the property confirmed grades and widths comparable with the ones reported by Lun Echo (see TNR's news release in Stockwatch dated Oct. 5, 2009) and delineated several areas of interest in terms of pegmatite potential.

John Harrop, PGeo, FGS, is TNR's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this news release.

Forgan Lake option

Pursuant to the Forgan Lake option, Cricket can earn a 60-per-cent undivided interest in the Forgan Lake property from TNR by incurring $1-million in exploration expenditures, making cash payments to TNR of $300,000 and issuing 600,000 shares to TNR over a four-year period. For further details please refer to the company's news release in Stockwatch on March 15, 2010.

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